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ITA Pro Weekly, October 24,2019

Tackling hairy risks with Bigfoot, new Deloitte study on start-ups as an ecosystem, combating the talent crisis, and more…

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Hot Off The Presses!
Commercial Insurance Group LLC, dba Bigfoot Insurance, is an MGA and program administrator supporting underwriters and independent insurance agents. Based in Colorado Springs, Bigfoot specializes in niche markets including contractors and other hard-to-place risks.

So what’s behind the name?

“We handle hard-to-place policies with hair on them,” explains CEO Martin Burlingame, in a new Electronic Chat. “Agents have to be able to insure bakeries, candy manufacturers, lotions and oils manufacturers, grow facilities and all kinds of new uses for these products.” Discover how Burlingame got involved in insurance (former military and insurance agent) and how the gig economy and risks like marijuana, CBD, and hemp will continue to dominate his business.
Sponsored Content

OWIT Global provides a Bordereaux Management Solution for both P&C and A&H business, replacing the existing manual, intensive, and error-prone process that is being done by most MGAs and carriers. Data is ingested from bordereaux imports or databases, mapped, cleansed, and exported for storage or distribution.

A new study by Deloitte finds that most insurers are still focused on enhancing legacy systems and business models, neglecting more disruptive innovations that might differentiate them in an increasingly customer-centric economy. In fact, insurers account for only one in four dollars invested in the maturing insurtech market this year. The solution? Insurers need to start dealing with startups more as an ecosystem of co-developers and partners rather than just another vendor with a point solution.

Insurers “should be reimagining their value propositions to serve consumers for a very different future and start taking more substantial steps to get there before others beat them to the punch, whether from within or outside the industry.”

Insurers continue to find it difficult to compete for the same talent pool against job-attractive tech companies like Google, Amazon, and Microsoft. A recent Valen Analytics study found that 73% of insurers still report difficulty in finding data and analytics talent, primarily due to location, the lack of interest in an insurance career, better pay in other industries, or similar opportunities offered by tech startups. Fortunately, the industry has not just one, but two answers to this talent crisis: reskilling and upskilling.

To address the issue, Kristen Marr, President of Valen Analytics, suggests mapping the skills of current employees and assessing the extent of employee training needed to carry out new job functions.

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